Building Business Pipeline

  1. Every week, select ten companies or organizations that meet your ‘target’ market profile. List these names, addresses and phone numbers. Select these carefully and include referrals.
  2. Make a research cell to each and identify the most appropriate initial contact. You do not need to speak to this person at this stage, talk to the receptionist or assistant instead.
  3. Send a one-page ‘success’ letter and a very brief overview of what benefits you can offer. Mail on a Thursday or Friday. Focus on your capabilities and how you can benefit the prospect.
  4. Telephone each ‘suspect’ that you mailed within 3-5 days. As 50 percent will be unavailable, log callbacks in your diary. Don’t be surprised if they don’t remember your letter, review it on the phone. Dropping names or using benefits by association can be useful.
  5. Have a prepared call sheet, questions and reasons for an appointment (your goal is a short initial meeting). Offer a benefit to your meeting: share ideas, examples, etc.
  6. Set aside time each week for research, mailing and planning – consistency is vital for this to work. You might find it better to aim for one hour a day rather than one whole day each week.
  7. Maintain accurate but brief reports to monitor your progress and to track activity.
  8. After approximately 10-12 weeks of containing new suspects, reduce the new contacts by between 50 percent and 80 percent and instead go back through all those people you contacted previously and re-contact them, i.e., stay in touch with suspects and prospects every three months. Things often change and if you have selected potential prospects well, it may only be a matter of time before you do business.
  9. Make sure that the subsequent 90 day contact contains something new, interesting or different, even if only very slightly. This also makes sure that you don’t appear too pushy.

10.  No matter how busy you get, always make time to keep in touch with new suspects and prospects in this way on a planned and consistent basis.

The rules:

  1. Do not allow any one customer to contribute more than 30 percent of you sales in any given quarter.
  2. Make sure that at least 30 percent of your sales pipelines is from new business, the rest should be from existing customers or referrals. Do not rely on existing customers to the exclusion of new customers.
  3. Always have a third more sales in the pipeline than you need.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Advertisements

1 Comment (+add yours?)

  1. The Best Blogger
    Jun 26, 2010 @ 10:26:53

    It’s Nice Post, keep posting and have a nice day… 10:26

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: